Commercial Equipment Leasing Mistakes to Avoid
While commercial equipment leasing is a great option for businesses across a variety of industries, not all businesses end up with a financing plan that meets their needs. At Valiant Financial, we want to help you select the best leasing option for your unique business. That is why our expert team has put together a list of some of the most common commercial equipment leasing mistakes to avoid.
1. Not Exploring All Your Options
While finding the right financing can be tough, it is worth taking the time to find the best option for your business. Since there is no such thing as a one-size-fits-all plan when it comes to leasing commercial equipment, it is important to take the time to review all of your options before signing on with a lender. Taking the time to find out what each lender has to offer will give you the information you need to make the best possible decision for your company.
2. Not Doing Thorough Research
Before selecting a financing company to work with, it is imperative that you spend time researching the company to ensure that they are as reputable as they seem. Consider looking at reviews online, the company website, and finding any information you can regarding how they conduct business and with whom.
3. Not Asking The Right Questions
When you get in contact with a leasing rep, ask questions! This is your chance to gather the information you need as well as get a sense for how knowledgeable and reliable the rep is. Some good questions you can ask are:
- What is a typical term length for a lease?
- Are you a direct lender or a broker?
- Do you have a pre-authorized payment plan?
- What type of equipment do you lease?
- What are my buyout options?
4. Not Gathering All the Necessary Information
Once your questions have been answered and you’ve selected a financing company, you will need to spend some time gathering all of the necessary information on your own business. This might include your most recent financial statements, work contracts, and information on any co-signers for the lease.
If you would like to learn more commercial equipment leasing mistakes to avoid, or if you are interested in one of our financial services, please contact Valiant Financial at 1-833-635-3273.